Confirmation of CFPB Director Welcome News for Small Employers
Statement by John Arensmeyer, Founder & CEO of Small Business Majority, on the Senate's confirmation of Richard Cordray to head the Consumer Financial Protection Bureau
The Senate's approval today of Richard Cordray as director of the Consumer Financial Protection Bureau is welcome news for small business owners. It is important that the agency is able to continue its work protecting small employers and consumers by reining in Wall Street banks and preventing abusive lending practices.
Under Cordray's leadership as director, the CFPB has become an important ally to small business owners and their customers. In less than two years, the CFPB has enacted transparent and fair standards for sound loan practices and payment processing procedures, secured $425 million in refunds and $70 million in fines for predatory financial practices. It has delivered honest information to entrepreneurs and consumers and established an efficient complaint system.
What's more, the CFPB enjoys widespread support from the small business community. Small Business Majority's scientific opinion polling found 84 percent of small business owners support the agency and say it's needed to ensure they're treated fairly. And 60 percent support maintaining the bureau's independent financing so that lobbyists can't undermine its mission.
We are pleased lawmakers confirmed Cordray's nomination and hope he continues to build upon the CFPB's past work strengthening the economy and protecting small businesses and consumers.
About Small Business Majority
Small Business Majority is a national small business advocacy organization, founded and run by small business owners to focus on solving the biggest problems facing America's 28 million small businesses today. Since 2005, we have actively engaged small business owners and policymakers in support of public policy solutions, and have delivered information and resources to entrepreneurs that promote small business growth and drive a strong, sustainable economy. We are a team of more than 30 working from our 11 offices in Washington, D.C. and 9 states, with a network of more than 45,000 small business owners and more than 2,000 business organizations, along with a formal strategic partnership program of more than 125 business organizations, enabling us to reach more than 500,000 entrepreneurs. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about issues including taxes, healthcare, access to capital, entrepreneurship, workforce development, clean energy and immigration. Learn more about us on our website.